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Mice21 [21]
2 years ago
5

On May 16, Thorne Co. declares a $0.40 dividend to be paid on April 5. Thorne has 2,060,000 shares of common stock issued and ou

tstanding. The entry recorded by the company on May 16 includes a debit to: Multiple Choice Dividends Payable and a credit to Cash for $824,000. Dividends and a credit to Dividends Payable for $824,000. Dividends Payable and a credit to Cash for $781,600. Dividends and a credit to Dividends Payable for $781,600
Business
1 answer:
Ksju [112]2 years ago
4 0

Answer:

b. Dividends and a credit to Dividends Payable for $824,000

Explanation:

Dividends payable = 2,060,000 shares * $0.40 per share = $824,000

Journal entry on February 16

Dividends                 $824,000

Dividends payable                     $824,000

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Lakeside Inc. produces a product that currently sells for $57.60 per unit. Current production costs per unit include direct mate
Sidana [21]

Answer:

It is convenient to make the changes.

Explanation:

Giving the following information:

Selling price= $57.60 per unit.

Direct materials= $22

Direct labor= $24

Variable overhead= $11.00

Fixed overhead= $11.00.

New costs:

Direct material cost= 22*1.2= $26.4

Direct labor cost= 24*1.2= $28.8

<u>I suppose that the selling price will increase by $40.</u>

To determine whether the changes increase profit or not, we need to calculate the unitary contribution margin per unit for both options:

Contribution margin= selling price - unitary variable cost

Actual Contribution margin:

Contribution margin= 57.6 - (22 - 24 - 11)= 0.6

New contribution margin:

Contribution margin= 97.60 - (26.4 - 28.8 - 11)= $31.4

5 0
2 years ago
Pine Street Inc. makes unfinished bookcases that it sells for $58. Production costs are $38 variable and $10 fixed. Because it h
mars1129 [50]

Answer:

See explanation below

Explanation:

Option of selling unfinished bookcase

Sales

$58

Less Variable cost

$38

Contribution

$20

Less fixed cost

$10

Net profit

$10

Option of selling finished bookcases

Sales

$73

Less variable cost

$7

Contribution

$66

Less fixed cost

$10

Net profit

$56

With regards to the above analysis, it is recommended that Pine street inc. Should go with the option of selling finished bookcases because it would yield the company the highest profit.

7 0
3 years ago
Jerry contributed $8,000 for a 25% interest in a bookstore. He also contributed a cash register, with a fair market value of $49
Marta_Voda [28]

Answer:

The Jerry's partnership basis in the bookstore at the end of the year is $23,350.

Explanation:

Workings

Contributed Capital = $   8,000

Add: Adjusted basis of cash register = $       350

Add: Share of Profit ($60000 X 25%) = $ 15,000

Partnership basis at the end of the year = $ 23,350

8 0
3 years ago
Calculate the loan balance for each of the six months. The loan balance is calculated as the additional cash needed for a given
alexandr402 [8]

Answer:

The closing balance from the excel sheet is $5,000.00

Explanation:

Solution

Given that:

The loan balance required l for each month can be computed  as follows:

The loan balance = additional cash needed – cash used to retire debt + loan balance from previous month

Now

By applying the excel formula to perform this task is stated as follows:

D34 = SUM(D31-D33,C34)

The same formula is used to get the values for E34 to I34.

Kindly find an attached copy  of the updated excel sheet after applying above formula which is a part of the solution is as follows:

3 0
3 years ago
Which of the following is the cost of quality classification for costs such as defects that pass through the system, such as cus
KonstantinChe [14]
Would have to say the answer is A
8 0
3 years ago
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